CALGARY, Nov. 24 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL), formerly Adulis Resources Inc., the Colombian focused independent oil and gas exploration and production company, is pleased to announce Mr. Joaquin Moreno-Uribe of Bogota, Colombia, has been appointed a director of Solana. Mr. Moreno-Uribe is a professional engineer who has recently retired from Royal Dutch/Shell Group after more than 33 years having worked in several countries and sectors, including upstream gas and oil, downstream oil and chemicals. He has served as Country Chairman in Mexico, Colombia and Venezuela. Mr. Moreno-Uribe also carried out international roles in the Head Offices of London and The Hague. Mr. Moreno-Uribe also has relevant corporate governance experience. He has acted as a board member of various Shell subsidiaries and other third party corporations. In addition, he has been active in promoting and leading other business associations such as the Colombian Petroleum Association and the Venezuelan Petroleum Association. He is currently a member of the Board of Governors of Instituto de Estudios Superiors de Administracion, a school in Venezuela for advanced studies in administration with a prominent MBA program. In connection with his appointment, Mr. Moreno-Uribe has been granted stock options to purchase 200,000 common shares at a price of $2.72 per share for a period of five years and vest on a 1/3 basis on each of the date of grant and the first and second year anniversaries of the date of grant. The stock option grant is subject to regulatory approval. Solana has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to Mr. Moreno-Uribe. The Corporation has further determined that an exemption from the various requirements of Ontario Securities Commission Rule 61-501 is available as the fair market value of the grant of options is less than 25% of the market capitalization of the Corporation. Stephen Newton, Solana's President and CEO, commented: "We are pleased to welcome Joaquin Moreno-Uribe to the Solana Board and we look forward to drawing on his excellent reputation and vast experience in the oil and gas business in Latin America." The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.